Founded in September 1957, Thiroor Service Cooperative Bank is one of the well- known cooperative banks of Kerala. It has 6 branches spread across various regions of Thrissur district.
Challenges
It is one of the largest bank in the district with maximum number of loan accounts. Every branch had more than considerable number of active loan accounts.
- There were insufficient number of resources and the traditional or manual methods adopted to contact customers seemed inefficient and time-consuming.
- Tracking payment patterns of the huge number of customers manually seemed to be impractical and futile.
- The total overdue recovery percentage was extremely low because of their ineffective follow-up method.
Requirements
The client required a solution that would effectively improvise their contact and follow-up process with the customers, track the instalment payment pattern and thus lead to efficient recovery process. The software should:
- Alert the agents to intimate the customers regarding their instalment payment.
- Monitor the interest payment pattern of the customers.
- To assign the loan defaulters to users based on their loan portfolio to the users.
- Enable the users to analyze the current NPA & overdue status and a complete NPA profile of the bank and its individual branches.
Why Neptune?
Neptune is a unique solution that is conceptualized and designed to effectively overcome all NPA associated roadblocks and enhance control over NPA. The key highlights are:
- Branch-wise NPA comparisons
- Dashboards indicating NPA status
- User-wise responsibility assignments
- Easy contact and follow-ups
- Scheduled SMS and Voice call alerts
- Bulk dispatch of Notices
- Customer commitment follow-up and tracking
Scope of the Solution
NPA and associated Report Generation – Generation of requirement-specific reports.
Contact and Retrieval Workbench with Commitment Tracking – Contact procedures for loan retrieval and tracking progress of borrowers based on the commitment and alerts.
NPA Dashboards – Displays various parameters pertaining to NPA.
Numbers Speak – (designing required)
- The bank had an enormous amount of overdue accounts initially.
- The solution was made online in the bank on October 2018.
- The total overdue amount reduced by 1% by November 2018
Result
Using Neptune, the bank is now able to
- Automatically detect the overdue accounts and assign it to users.
- Intimate customers with auto-generated contact methods such as calls, SMS and emails.
- Intimate customers regarding their payment, in advance.
- Effectively follow-up and track customers based on their commitment.
- Effectively recover the loan accounts with less manual intervention.
- Getting comprehensive NPA & overdue status throughout the bank.
- Successfully bringing down NPA & overdue levels in the bank
